Women in Fund Finance this week hosted “Fund Liquidity Solutions,” a virtual event that looked at some of the most innovative liquidity structuring and solutions being employed across the private markets. The panel brought together industry experts who are at the forefront of structuring these solutions and discussed the latest trends in capital raising and how structured liquidity solutions are being used by private markets managers to manage their portfolios.
Francois Aguerre, a partner and Head of Origination at Coller Capital, shared his insights as one of the most successful secondary managers in the market using some of these technologies. Richard Golaszewski, CFA, a Managing Director at 17Capital, provided perspective from the lender side on how GPs are creatively thinking about how to use debt and pref liquidity. Matt Kerfoot, Americas Head of Fund Financing and Investments at UBS Securities LLC, gave great insight from his current post as well as sharing examples from his extensive experience as a deal lawyer working on complex financial transactions and structured products as a partner at Dechert LLP. Matt Ruggiero, a Managing Director in the Strategic Advisory Group at PJT Partners, rounded out the panel with perspective from his investment banking background, which included a focus on structured financing. The panel was moderated by our very own Samantha Hutchinson, a partner in Cadwalader’s fund finance group.
The session focused on two key themes: how managers are using structured finance solutions as part of their capital-raising programs to raise liquidity and where are the drivers coming from; and how NAV and pref products are being used by GPs to unlock value in portfolios. Some observations coming out of the panel:
The panel wrapped up with predictions for the future. Each panelist was excited about the creative thinking and evolving structures they are seeing in the market. It seems that with more liquidity opportunities, funds can consider what fits their needs best based on the particularities of their investor base and their investments. The panel gave the following predictions: